Compass Minerals(CMP)

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Compass Minerals(CMP) - 2020 Q3 - Quarterly Report
2020-08-05 19:36
Title of each class Trading Symbol Name of each exchange on which registered Common stock, $0.01 par value CMP The New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ____ ...
Compass Minerals(CMP) - 2020 Q1 - Earnings Call Transcript
2020-05-06 23:42
Compass Minerals International, Inc. (NYSE:CMP) Q1 2020 Earnings Conference Call May 6, 2020 10:00 AM ET Company Participants Theresa Womble - Director of Investor Relations Kevin Crutchfield - Chief Executive Officer Jamie Standen - Chief Financial Officer Brad Griffith - Chief Commercial Officer George Schuller - Chief Operating Officer Conference Call Participants Vincent Anderson - Stifel Mark Connelly - Stephens Joel Jackson - BMO Capital Markets David Silver - CL King Chris Shaw - Monness, Crespi Oper ...
Compass Minerals(CMP) - 2020 Q2 - Quarterly Report
2020-05-06 20:21
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to __________________________ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its ...
Compass Minerals(CMP) - 2019 Q4 - Annual Report
2020-02-26 21:45
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its charter) Delaware 36-3972986 ...
Compass Minerals(CMP) - 2019 Q4 - Annual Report
2019-11-06 21:21
[PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Compass Minerals International's unaudited consolidated financial statements, including balance sheets, income, and cash flow statements [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$2,329.8 million** as of September 30, 2019, while total liabilities increased and stockholders' equity declined Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Current Assets** | $695.4 | $721.2 | | **Total Assets** | **$2,329.8** | **$2,367.9** | | **Total Current Liabilities** | $277.9 | $283.3 | | **Long-Term Debt** | $1,358.2 | $1,321.2 | | **Total Liabilities** | $1,870.3 | $1,827.7 | | **Total Stockholders' Equity** | $459.5 | $540.2 | | **Total Liabilities & Equity** | **$2,329.8** | **$2,367.9** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Net earnings for Q3 2019 were **$10.6 million** on **$341.3 million** sales, while nine-month net earnings significantly decreased to **$6.4 million** Q3 and Nine-Month Performance (in millions, except per share data) | Metric | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | **Sales** | $341.3 | $322.5 | $990.2 | $1,007.1 | | **Gross Profit** | $76.4 | $71.4 | $194.8 | $179.3 | | **Operating Earnings** | $30.1 | $32.6 | $67.4 | $62.0 | | **Net Earnings** | $10.6 | $12.8 | $6.4 | $17.8 | | **Diluted EPS** | $0.31 | $0.37 | $0.17 | $0.51 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$91.4 million** for the nine months ended September 30, 2019, primarily due to lower net earnings Nine-Month Cash Flow Summary (in millions) | Activity | Nine Months Ended Sep 30, 2019 | Nine Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $91.4 | $165.4 | | **Net Cash used in Investing Activities** | ($73.2) | ($74.5) | | **Net Cash used in Financing Activities** | ($25.8) | ($85.7) | | **Net Change in Cash** | ($3.1) | ($0.5) | | **Cash at End of Period** | $23.9 | $36.1 | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, revenue recognition, segment reporting, debt, income tax, and commitments, highlighting seasonal business and tax disputes - The company's business is highly seasonal, with deicing salt sales peaking in Q1 and Q4, and Plant Nutrition South America sales in Q3 and Q4 [29](index=29&type=chunk)[30](index=30&type=chunk) - Adoption of the new lease accounting standard (Topic 842) in Q1 2019 led to recognition of **$45.7 million** in leased assets and **$47.5 million** in lease liabilities [45](index=45&type=chunk)[51](index=51&type=chunk) - Canadian tax authorities issued **$126.2 million** in reassessments for 2002-2014, which the company is disputing, having posted **$90.2 million** in bonds and paid **$37.4 million** collateral [61](index=61&type=chunk)[63](index=63&type=chunk) - Transfer pricing issues with CRA and IRS for 2013-2021 were settled, resulting in **$106.1 million** intercompany payments, **$29.9 million** tax payments, and an expected **$57.4 million** U.S. tax refund [68](index=68&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting Q3 2019 sales growth and operating earnings decline, alongside nine-month sales decrease and operating earnings increase [Consolidated Results of Operations](index=28&type=section&id=Consolidated%20Results%20of%20Operations) Q3 2019 sales increased 6% while operating earnings fell 8%, whereas nine-month sales dipped 2% but operating earnings grew 9% - For Q3 2019, total sales increased **6%** (**$18.8 million**) while operating earnings decreased **8%** (**$2.5 million**), and diluted EPS fell **16%** to **$0.31** [133](index=133&type=chunk) - Year-to-date 2019, total sales decreased **2%** (**$16.9 million**), operating earnings increased **9%** (**$5.4 million**), and diluted EPS decreased **67%** to **$0.17** [134](index=134&type=chunk) - SG&A expenses for Q3 2019 increased by **$7.5 million**, primarily driven by CEO and executive transition costs [139](index=139&type=chunk) [Operating Segment Performance](index=30&type=section&id=Operating%20Segment%20Performance) Segment performance varied, with Salt sales up 16% in Q3 2019 due to higher prices, while Plant Nutrition segments showed mixed results Salt Segment Performance (Q3 2019 vs Q3 2018) | Metric | Q3 2019 | Q3 2018 | Change | | :--- | :--- | :--- | :--- | | Sales (millions) | $159.6 | $137.0 | +16% | | Operating Earnings (millions) | $20.6 | $12.1 | +70% | | Highway Deicing Avg. Price/ton | $60.01 | $49.15 | +22% | | Total Tons Sold (thousands) | 1,903 | 1,776 | +7% | Plant Nutrition North America Performance (Q3 2019 vs Q3 2018) | Metric | Q3 2019 | Q3 2018 | Change | | :--- | :--- | :--- | :--- | | Sales (millions) | $44.4 | $41.7 | +6% | | Operating Earnings (millions) | $4.7 | $2.3 | +104% | | Sales Volumes (thousands of tons) | 69 | 64 | +8% | Plant Nutrition South America Performance (Q3 2019 vs Q3 2018) | Metric | Q3 2019 | Q3 2018 | Change | | :--- | :--- | :--- | :--- | | Sales (millions) | $135.0 | $141.2 | -4% | | Operating Earnings (millions) | $22.4 | $31.2 | -28% | | Total Tons Sold (thousands) | 250 | 254 | -2% | [2019 Full-Year Outlook](index=34&type=section&id=2019%20Full-Year%20Outlook) The company updated its full-year 2019 guidance, with Salt sales volumes projected between **10.8** and **11.2 million tons**, and reduced outlooks for Plant Nutrition segments - Full-year 2019 sales volume outlook for **Salt** is **10.8 million to 11.2 million tons**, **Plant Nutrition North America** is **310,000 to 340,000 tons**, and **Plant Nutrition South America** is **775,000 to 825,000 tons** [165](index=165&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2019, the company held **$23.9 million** in cash, with total debt at **$1.41 billion**, and plans to repatriate **$150 million** in foreign earnings - Cash and cash equivalents decreased by **$3.1 million** during the first nine months of 2019, reaching **$23.9 million** [171](index=171&type=chunk) - Total debt was **$1.41 billion** as of September 30, 2019, with **$39.1 million** available under the revolving credit facility [172](index=172&type=chunk) - The company expects to repatriate approximately **$150 million** of unremitted foreign earnings, incurring a **$4.8 million** deferred tax liability [167](index=167&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rates, foreign currency, and commodity pricing, using derivatives to mitigate these exposures, with no material changes since year-end 2018 - Key market risks include interest rates, foreign currency exchange rates, and commodity pricing [187](index=187&type=chunk) - Derivative instruments are utilized to hedge a portion of commodity pricing and foreign currency exchange rate risks [187](index=187&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2019, with new internal controls implemented for lease accounting - Disclosure controls and procedures were deemed effective by the CEO and CFO as of September 30, 2019 [188](index=188&type=chunk) - New internal controls were implemented to address the lease accounting guidance (Topic 842) adopted on January 1, 2019 [190](index=190&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal proceedings, with no material adverse effects expected, except for ongoing Canadian tax disputes and an SEC investigation - The company is involved in routine legal proceedings and tax assessments, with no material adverse impact expected by management [192](index=192&type=chunk) - Material legal matters, including Canadian tax disputes and an SEC investigation, are detailed in Notes 7 and 9 to the Consolidated Financial Statements [77](index=77&type=chunk)[192](index=192&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2018 - No material changes to risk factors have occurred since the 2018 Annual Report on Form 10-K [193](index=193&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities, noting that 9,263 shares were withheld for employee tax obligations on vested RSUs - During the first nine months of 2019, **9,263 shares** were withheld to cover employee taxes on vested RSUs, not considered stock repurchases [196](index=196&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety violations and regulatory matters, as required by the Dodd-Frank Act, are disclosed in Exhibit 95 of this quarterly report - Mine safety disclosures are included in Exhibit 95 of the Form 10-Q [198](index=198&type=chunk)
Compass Minerals(CMP) - 2019 Q3 - Quarterly Report
2019-08-07 20:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to __________________________ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its ...
Compass Minerals(CMP) - 2019 Q2 - Quarterly Report
2019-05-01 20:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to __________________________ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its ...
Compass Minerals(CMP) - 2018 Q4 - Annual Report
2019-03-01 02:31
United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-K (MARK ONE) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-31921 Compass Minerals International, Inc. (Exact name of registrant as specified in its charter) Delaware 36-3972986 ...